PUBLISHER: TechSci Research | PRODUCT CODE: 1668188
PUBLISHER: TechSci Research | PRODUCT CODE: 1668188
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The global aquafeed market was valued at USD 68.26 billion in 2024 and is projected to reach USD 105.36 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.50% during the forecast period. Aquafeed, which comprises a variety of ingredients, serves as nutrition for aquatic animals such as fish, crustaceans, and mollusks. Its primary function is to meet their nutritional needs and support normal physiological processes, including maintaining a strong immune system, reproduction, and growth. Due to its limited shelf life, aquafeed requires careful handling to ensure its effectiveness. This specialized feed is made from a blend of fish and plant-based raw materials and is designed to deliver vital nutrients, such as proteins, fats, vitamins, oils, and minerals, necessary for optimal growth and overall health. The composition of aquafeed is tailored to the species and developmental stage of the animals. In addition to reducing stress and improving immunity, aquafeed also enhances disease resistance. Aquafeed is available in various forms, including pellets, flakes, and granules. For instance, according to the U.S. Department of Agriculture, Japan was a leading global consumer of seafood and a major importer of U.S. seafood in 2022. The USDA also reported that China was the world's largest seafood producer in 2022, with a production volume of approximately 67.5 million metric tons.
Market Overview | |
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Forecast Period | 2026-2030 |
Market Size 2024 | USD 68.26 Billion |
Market Size 2030 | USD 105.36 Billion |
CAGR 2025-2030 | 7.50% |
Fastest Growing Segment | Vitamins & Minerals |
Largest Market | Asia Pacific |
Key Market Drivers Rising Seafood Consumption
As global demand for seafood increases, the need for aquafeed is expected to rise correspondingly. Seafood is a critical source of nutrition for billions of people worldwide, and aquaculture, the farming of aquatic organisms, is becoming a key supplier. As aquaculture expands, so does the demand for aquafeed, which provides the essential nutrients required for the growth and health of farmed species. The global rise in seafood consumption is driven by factors such as population growth, greater awareness of seafood's health benefits, and shifting dietary preferences, which directly impacts the demand for aquafeed. Furthermore, as wild fish stocks are depleted due to overfishing, aquaculture-and, by extension, aquafeed-plays an increasingly important role in meeting rising seafood demand. Consequently, the growing consumption of seafood is driving a global increase in the aquafeed market, a trend expected to continue as the world seeks to satisfy its seafood demands sustainably.
Key Market Challenges Volatility in Raw Material Costs
The global aquafeed industry faces significant challenges related to the volatility in raw material prices, a factor that can undermine demand. Key ingredients in aquafeed, such as soybean meal, fishmeal, and fish oil, experience substantial price fluctuations driven by environmental factors, supply chain disruptions, and geopolitical events. These fluctuations raise production costs, leading to higher prices for the final product. As aquafeed becomes more expensive, smaller-scale fish farmers may struggle to afford it, potentially reducing production or shifting to cheaper, less nutritious alternatives. The higher costs also translate into increased prices for farmed fish, which could dampen consumer demand. In emerging markets where price sensitivity is greater, these price hikes may severely hinder aquaculture growth, further dampening global demand for aquafeed. An unstable raw material market threatens the profitability and sustainability of the aquafeed industry and affects the broader aquaculture value chain. Thus, managing raw material cost volatility is crucial for stabilizing and boosting global demand for aquafeed.
Key Market Trends Development of High-Quality Aquafeeds
The global aquafeed market is expected to grow significantly, primarily driven by advancements in high-quality feed development. As the demand for seafood continues to rise, supported by the growth of aquaculture, the need for nutritionally balanced feeds becomes critical to ensure the health and growth of farmed aquatic species. High-quality aquafeeds optimize growth rates, enhance immunity, and reduce stock losses, thereby improving overall yield. These aquafeeds are fortified with essential nutrients, bioactive compounds, and probiotics, making them integral to cost-effective and sustainable aquaculture practices. As countries increasingly recognize the importance of aquaculture for food security, investment in research and development of sophisticated aquafeeds is expected to increase, further driving demand. Additionally, the push for environmentally conscious aquaculture practices calls for feeds that minimize waste and nutrient pollution, further promoting the demand for high-quality aquafeeds. Therefore, the development and adoption of these advanced feeds are crucial to meeting the growing global demand for sustainably produced and nutritionally rich seafood.
Report Scope: This report segments the global aquafeed market into several categories, in addition to detailing industry trends as outlined below:
Competitive Landscape Company Profiles: In-depth analysis of major companies operating in the global aquafeed market.
Available Customizations: This report on the global aquafeed market is customizable to suit a company's specific needs. The following customization options are available: